The Home Buying Process

Family moving in to their new home

Purchasing a home is often the largest financial decision that you will ever make, so it’s important to do it right. At Cambrian, we have learnt some things over our last 60 years of helping Manitobans purchase their homes and want to share the most important elements of the process with you.

Know what you can afford

Knowing what you can afford lets you know where you can start your search.

Cambrian’s Home Affordability Calculator is a quick and easy tool designed to let you know in minutes what you can comfortably spend on a home purchase and what your mortgage payment would be.

Start Saving your Down Payment

To qualify for a mortgage in Canada, you are required to have a minimum down payment equal to 5 % of the purchase price of the home. If you want to avoid paying a High Ratio Mortgage Loan Insurance premium through CMHC, you will need to put down at least 20% of the purchase price.

When saving up for your home, remember to account for closing costs, which include lawyer fees, land transfer tax and tax adjustments. We estimate budgeting an additional 2% of the purchase price on top of your down payment to handle closing costs.

Don’t have your down payment saved up yet? Check out Cambrian’s savings options  to help you get there faster.

Get Pre-Approved

Getting pre-approved for a mortgage will give you peace of mind because you'll know exactly what your maximum purchase price is based on your down payment, income, mortgage rate and term and financing conditions. It will establish you as a serious buyer and can save you time during the offer process.

Make a Wish List

Knowing what you are looking for in a home helps to narrow your search and make the process easier. Are you looking for a single-family home or a condo? Do you have a preferred neighborhood? Are you willing to do renovations or do you want a move-in ready home? Sit down, write out your wish list, and compare it to homes on the current market to help give you an idea of what type of home you can get for what you can afford.

Start Looking at Homes 

When you are visiting potential homes, keep in mind that cosmetic things such as the colour of the walls or type of flooring can be changed; it is more important to focus on the condition of the home.

See Things to look for when searching for your new home

Make an Offer

When you have found a home you like and are ready to make an offer you may or may not include conditions for the purchase. For instance, you may wish to make a home inspection a condition of your offer, or you may want possession of all of the appliances in the home. Your realtor will work with you to design a competitive offer that will help land you the home of your dreams.